Contents
The Offer
- CNext Bank of Louisiana is offering a Priority Checking account with a 7.00% APY interest rate on balances up to $30,000 when you meet the following qualifications:
- 12 or more debit card transactions, at a minimum of $5 per transaction, must post and settle to the account
- Receive monthly account statement electronically
- Have minimum $500 aggregate ACH credit post and settle
Balances above $30,000 earn .50% APY. There is no monthly fee on this account.
Our Verdict
You need to contact the bank to open this account, hopefully it can be opened over the phone/online with customer service. The bank footprint is in select areas in Louisiana and Arkansas, I’m not sure if/what are the geographic limitations on this account.
At the time of this writing, you can get around 4.50% on a regular high yield savings account. The bump to 7% on up to $30,000 can be a nice chunk of change for someone who is willing to meet the doable qualifications.
This is also a new high rate, we’ll add it to our list of Best High Yield Savings Accounts.
Hat tip to reader savemore
Anyone outside of Louisiana or Arkansas open this account?
Called in Friday morning (March 03rd, 2023) trying to open the checking account. They asked me whether I am a resident of AR or LA. I said yes. They then asked me how I would like to make the first deposit to the new account. I asked whether I can make an ACH transfer for that, and they said yes. Finally, they asked me to send all my information to them via email.
I sent the email with all my information Friday morning. This morning (Tuesday), they got back to me and asked me to sign the paperwork via DocuSign. I immediately signed the document. The account is already opened, and my checking account number is provided to me in the document that I signed. They also sent me an email asking me to make the initial transfer via ACH.
I tried to ACH money from my Discover bank to Century Next Bank. Will report back regarding whether the transfer is successful.
Which branch?
No branch. I opened the account over the phone.
Oh okay you just called the main number?
I think so. I called them and then opened the account.
Dang maybe I got the wrong person. They told me I’d have to come in even though I live in Lousiana. Argh. Thanks for the info though! 🙂
are you AR/LA resident? did they verify license info or ask any other questions?
I asked if I could open this over the phone and they also told me no…
This is amazing! I will need to open this account and see. Do we have to visit the branch?
Language has changed. Terms say Lousiana and Arkansas residents only.
I called today and the banker said that you have to be a Louisiana or Arkansas resident to open an account.
I do not mind being a Louisiana or Arkansas resident to take advantage of this offer.
You have to physically go to a branch or mail a cashier’s check for the $50 deposit. All else can be done over the phone. Credit card deposit is a cash advance and can’t be done over the phone anyway.
They’ve been getting a lot of calls from yall. She asked me to send her a link to where I found out about this. I live an hour away in Arkansas.
Can I mail a Money Order rather than a Casher’s Check to deposit?
Why would you do that?
Called. They said you have to go into the bank to open this account.
thanks!
Not true. Everything except the deposit can be done over the phone and email. You’ll just have to mail a cashier’s check for the deposit.
Can I mail a Money Order rather than a Casher’s Check to deposit?
Again, why?
Called today…different rep – and now I can open over the phone LOL
Out of state applying over the phone?
Has anyone checked to see if this is National or if you have to live in a certain location to open up this account?
I actually put a call in, but the lady said she ‘thinks’ it’s national, but has to ask her account manager, who wasn’t in at the time. They took my number (about 9am) and said they’d call back. They haven’t as of yet (11:30 ish).
I also used their contact page to send them an email.
Once I know something, I’ll post it here.
“Rates may change after account is opened… Monthly Qualification Cycle means the first business day of the month to the last business day of the month. The advertised Priority Checking APY is based on compounding interest. Interest is compounded using the average collected balance method…. Actual interest amount paid may be less than advertised Priority Checking APY.”
Like with many other banks/CUs seeking to be on DOC “Best High Yield Savings” page , this has a variable rate and not guaranteed. I do welcome the competitiveness horse race during these times, rather entertaining. Laissez les bon temps rouler.
Currently getting $175 a month and about to open another for P2. Easy money.